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Phosphoric Acid Market: Explosive Growth to Reach $72.28 billion by 2029 Driven by Renewable Energy Storage and Advanced Applications
Phosphoric Acid Market
What Is The Projected Market Size Of The Global Phosphoric Acid Market And Its Growth Rate?
• In 2024, the market size was $52.17 billion; it is predicted to reach $55.34 billion in 2025, growing at a CAGR of 6.1%.
• The size of the phosphoric acid market is forecast to considerably amplify to $72.28 billion in 2029, growing at a CAGR of 6.9%.
• The substantial growth can be attributed to multiple factors such as the expansion of renewable energy storage, lithium-ion battery development, escalations in industrial-grade phosphoric acid demand, water resource management, and adoption in pharmaceutical manufacturing.
What Is Driving The Growth In The Phosphoric Acid Market?
The escalating demand for Di-ammonium Phosphate (DAP) fertilizers is paving growth pathways for the phosphoric acid market. DAP is one of the array of water-soluble ammonium phosphate salts formed when ammonia reacts with phosphoric acid. Phosphoric acid finds extensive use in fertilizer production as it forms triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP) when combined with finely ground phosphate. For example, phosphate DAP prices surged by 23% as cited by the World Bank due to soaring demand by farmers worldwide, thus driving the phosphoric acid market growth.
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Who Are the Key Players Driving Phosphoric Acid Market Growth?
Prominent players operating in the phosphoric acid market are:
• The Mosaic Company
• PJSC PhosAgro
• Prayon S.A.
• EuroChem Group AG
• OJSC Phosagro
• Israel Chemicals Ltd.
• Yara International
• OCP S.A.
• Yuntianhua Group
• Fertiliser and Chemicals Travancore Ltd.
• Kazphosphate LIC
• Solvay S.A.
• Innophos Holdings Inc.
What Are The Key Trends In The Phosphoric Acid Market?
Key trends in the phosphoric acid market include:
• Green and sustainable phosphoric acid production
• Phosphoric acid for wastewater nutrient removal
• Hydrogen production using phosphoric acid
• Advanced dental applications with phosphoric acid
• Phosphoric acid for clean energy storage
What Are The Segments Of The Global Phosphoric Acid Market?
The global phosphoric acid market is segmented based on:
• By Type: Calcium Phosphate, Sodium Tripolyphosphate, Potassium Phosphate, Other Types
• By Grade: Food, Agricultural, Industrial
• By Process Type: Furnace Process, Dry Kiln Process, Other Process Types
• By End-User: Fertilizer, Food and Beverages, Chemicals, Medicine, Metallurgy, Other End-Users
Which Region Leads The Phosphoric Acid Market?
Asia-Pacific region dominated the phosphoric acid market in 2024 and is predicted to be the fastest-growing region in the forecast period. This report covers multiple regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Phosphoric Acid Market Global Market Report?
- Market Size Analysis: Analyze the Phosphoric Acid Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Phosphoric Acid Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Phosphoric Acid Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Phosphoric Acid Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements and new product launches in the market.
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Phosphoric Acid Market 2031 Competitor Analysis
The Phosphoric Acid Market is expected to register a CAGR of 4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
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Based on Apllication Type, By Application Fertilizers, Food and Feed Phosphate, Detergents, Water Treatment Chemicals, Industrial, Electronics.
Major Companies operating in the Phosphoric Acid Market are:
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• J.R. Simplot Company
• Nutrien Ltd.
• OCP Group
• PJSC PhosAgro
• Prayon Group
• Solvay
• Spectrum Chemical Manufacturing Corporation
• The…
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The diammonium hydrogen phosphate market will grow significantly in the years to come with a rate of about 5%, because of the growing need for manure to increase agricultural yields.
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The growing export value and volume of fertilizers, increased demand for phosphoric acid from the food and beverage and pharmaceutical industries, and increasing concerns…
